Bitcoin, Ethereum, XRP price analysis on 05/02/2020

Can buyers continue to recover in an overheated market?

BTC / USD

Yesterday buyers triedcontinue recovery, but there was no growthsupported by large volumes. When the price of Bitcoin rose to nine thousand for the second time, the bears increased their sales volumes and returned the pair to the hourly EMA55 level.   

Having reached the moving average level, selling pressure weakened. Overnight, volumes fell below average, and the price significantly narrowed the consolidation range at 8800.00 USD. 

We believe that today the bears can pull outthe price is below the EMA55 level. If the pressure weakens in the area of ​​8400.00 USD, the pair will return to average prices. And if the pressure continues and sellers break the support of the ascending dotted trend line, then by the end of the week the price of BTC may drop to the area of ​​7800.00 USD. 

On the other hand, even in the actions of bullsthe last two days no aggression is visible, the price is still held above the rising hourly moving average. Such dynamics may continue until the beginning of next week.

ETH / USD

Yesterday morning, buyerstried their hand at restoring the ETH/USD pair. From the hourly EMA55 level, they managed to restore the price of ether to the area of ​​217.00 USD. Sellers responded with a wave of sales, which subsided at the level of average prices. 

The pair's movement maintained its upward dynamics within the green channel. If this trend continues until the end of the week, then buyers will be able to restore the pair to the 100% fib level (222.98 USD). 

However, we should not forget about overboughtmarket. If the bears push through the support of the dotted trend line of the ascending channel, then the price of Ethereum will roll back below the psychological level of 200.00 USD. 

XRP / USD

Yesterday, buyers were able to restore the price of Ripple to the area of ​​0.225 USD, but by the end of the day, sellers returned the price below the level of average prices, to the support of 0.213 USD. 

During the Asian session, selling pressure was no longer felt, and the pair was able to recover above the hourly EMA55 level. 

At the moment, the price of XRP is balancing at the level of average prices, but if the bears resume pressure, it will sink to the dotted trend line, around the 205.00 USD mark.  

* All price values ​​are based on data from the BitStamp exchange. 

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